F. Compute return on net operating assets (RNOA) for fiscal year 2009 and 2008. Be sure to use average net operating assets in the denominator.

Please answer questions F, G, H and I (Cases in Financial Reporting 8e page 317 / Nordstrom Inc)

ully s marginal tax rate (as atutory tax rates) is 38.5% for both years, what is the tolustrom's tax shield from nonoperating activities in fiscal 2009? Analysis ute return on net operating assets (RNOA) for fiscal 2009 and 2008. Be sure to use average net f. Comp operating assets in the denominator. Has the company's RNOA improved or worsened over the two years? Explain why. Hint: to answer the question, disaggregate RNOA into its two main parts: net operating profit margin (NOPM) and net operating asset turnover (NOAT) and evaluate how each part contributes to the change in RNOA. h. Compute and interpret return on equity (ROE) for fiscal 2009 and 2008. Be sure to use average equity in the denominator. Calculate the difference between ROE and RNOA. What inference do you draw from this comparison? . The nonoperating return portion of ROE can be calculated directly as shown below. Calculate and interpret financial leverage (FLEV) and Spread. Verify that the product of FLEV and Spread is equal to the nonoperating return you calculated in part h (that is, the difference between ROE and RNOA) Nonoperating return=FLEV )Spread Average net nonoperating obligations Average shareholders equity FLEV= Spread RNO4Net nonoperating expense Average net nonoperating obligations FLEV is a measur ully s marginal tax rate (as atutory tax rates) is 38.5% for both years, what is the tolustrom's tax shield from nonoperating activities in fiscal 2009? Analysis ute return on net operating assets (RNOA) for fiscal 2009 and 2008. Be sure to use average net f. Comp operating assets in the denominator. Has the company's RNOA improved or worsened over the two years? Explain why. Hint: to answer the question, disaggregate RNOA into its two main parts: net operating profit margin (NOPM) and net operating asset turnover (NOAT) and evaluate how each part contributes to the change in RNOA. h. Compute and interpret return on equity (ROE) for fiscal 2009 and 2008. Be sure to use average equity in the denominator. Calculate the difference between ROE and RNOA. What inference do you draw from this comparison? . The nonoperating return portion of ROE can be calculated directly as shown below. Calculate and interpret financial leverage (FLEV) and Spread. Verify that the product of FLEV and Spread is equal to the nonoperating return you calculated in part h (that is, the difference between ROE and RNOA) Nonoperating return=FLEV )Spread Average net nonoperating obligations Average shareholders equity FLEV= Spread RNO4Net nonoperating expense Average net nonoperating obligations FLEV is a measur